Cowboys Restructure Dak Prescott, CeeDee Lamb, Tyler Smith’s Contracts

The Cowboys restructured Dak Prescott and Tyler Smith‘s contracts Wednesday, ESPN’s Field Yates and Adam Schefter tweet. These moves will create $47MM in cap space, bringing Dallas within $10MM of the 2026 cap. The team also restructured CeeDee Lamb‘s deal to clear more room, per ESPN.com’s Todd Archer. Other possible conversions are available as well. The Lamb move, expected to clear $19MM more in space, slides the Cowboys under the cap.

Dallas used a $28.29MM franchise tag to keep George Pickens off the free agent market. That sank the team deeper into the red. But Pickens is firmly in the Cowboys’ 2026 plans. As a result, contract updates are coming to make it affordable.

Prescott, 32, is tied to the NFL’s richest contract — a four-year, $240MM extension agreed to hours before Week 1 of the 2024 season. This move will reduce the 11th-year quarterback’s $50.52MM 2026 cap number while inflating future numbers on the through-2028 contract. Before this restructure, Prescott was already due to count more than $74MM against Dallas’ 2027 cap. Another restructure would be on tap before that point.

The Cowboys backed themselves into a corner with Prescott based on previous restructures. His no-tag clause and the void year-driven penalties that would have come in 2025 absent an extension armed the upper-crust QB with extraordinary leverage. He used it to score the $60MM-per-year extension — which still hovers well above the QB market 18 months later.

Lamb is signed through 2028 on a $34MM-AAV extension. The Cowboys have now restructured his deal twice as well. Lamb was due to count $38.24MM on Dallas’ 2026 cap and more than $41MM next year. While Lamb’s 2027 number will balloon, his 2026 figure will drop to create spending space. Smith, who signed the NFL’s most lucrative guard deal last fall ($24MM AAV), is signed through 2030. His cap number will drop from $27.5MM.